American Forest & Paper Association (AF&PA) President and CEO Donna Harman today issued the following statement regarding the passage of the Postal Service Reform Act of 2016 in the House Oversight and Government Reform Committee. “We appreciate Chairman Chaffetz and Ranking Member Cummings’ leadership on the introduction of legislation aimed at improving the financial viability of the U.S. Postal Service. AF&PA’s top priority in comprehensive postal reform is rate stability and customer service if mail is to compete with ever-increasing options to reach consumers. We support legislative measures that help the USPS achieve long-term viability by realigning its outdated cost structure, encouraging new revenue sources, and leveraging its unique infrastructure to meet the service needs of future customers.
Neenah Paper, Inc. announced today that it had completed the previously announced purchase of all of the outstanding equity of ASP FiberMark, LLC (“FiberMark”) from an affiliate of American Securities LLC on August 1, 2015.
FiberMark, with annual sales of over $160 million, is a specialty coating and finishing company with a strong presence in luxury packaging and overlapping technical product categories.The acquisition is expected to deliver synergies of $6 million per year within three years, with ongoing accretion (excluding one-time costs) of over $0.40 per share. The Company indicated it expects one-time costs in 2015 of approximately $5 million for transaction fees and integration.
The purchase price of $120 million, subject to adjustments for acquired cash and a working capital true up, resulted in a cash payment of $123 million at closing, and was financed through $80 million of cash on hand and the balance from available borrowing capacity on the Company’s revolving credit facility.
Additional details about the acquisition will be discussed in the Company’s second quarter earnings call on August 6th.
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